IPAA Oil Gas Investment Symposium London July

IPAA Oil & Gas Investment Symposium London July 7, 2005

Forward-looking Statements This presentation contains projections and other forwardlooking statements within the meaning of Section 27 A of the U. S. Securities Act of 1933 and Section 21 E of the U. S. Securities Exchange Act of 1934. These projections and statements reflect the Company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company’s periodic reports filed 2

Magnum Hunter Acquisition • Merger closed June 7 th • Transaction summary – Issued 39. 5 million shares (doubles market cap) – Total shares outstanding 81. 3 million – Assumed $590 million of debt • Doubles production • Triples proved reserves • Expands drilling program • Adds Permian Basin and Gulf of Mexico operations 3

Company Overview KS OK NM TX AR MS LA 1 Assuming a $39 share price 2 R/P Ratio = Reserves to production (PF 2004 Reserves to Q 1 2005 PF production) PF-Pro Forma for the Magnum Hunter Resources Acquisition 4

Combined Company Core Operating Areas > $625 MM of 2005 E PF Capital KS OK NM TX AR MS LA Q 1 2005 PF Prod. 482. 5 MMcfep 2004 PF Reserves - 1, 456 Bcfe 5

History/Track Record • Started in 1992 as Key Production Company, Inc. • Merger with Helmerich & Payne E & P in 2002, changed name to Cimarex Energy Co. • Acquired Magnum Hunter in June 2005 6

Consistent Growth in Reserves and Production Proved Reserves (Bcfe) Production (MMcfe/d) 7

Cimarex Strategy • Growth through the drill-bit • Rate of Return Driven – – Reinvest cash flow in highest risked rate of return projects Portfolio approach…blended risk and basin diversity Lower risk: Permian and Mid-Continent regions Higher risk/reward: Gulf Coast and Gulf of Mexico • Utilize decentralized exploration teams who are experts in their regions – Generate (vs. buy) our drilling inventory – Each team performs thorough review of predicted results to actual • Maintain a strong financial position – Drill through the cycles 8

Exploration Principles • Blended / moderaterisk exploration program • Internally generated drilling ideas • Multi-basin, lower-48 focus • Regional effort built upon local expertise • Integration between geology, land & engineering • Monitor results and 9

Operations Overview

Mid-Continent Basins Hugoton Panhandles/Sh elf Mountain Front Anadarko Basin Arkoma 11

Panhandle Area – Roberts & Hemphill Counties Hemphill/Roberts Counties ü Granite Wash – Lower Morrow – Depth: 11, 000 -13, 000’ – CWC $2. 0 MM – Expected Reserves: 1. 0 -3. 0 BCF 2005 moving to 4 Rig Program • Through 5 -05 11 wells drilled; 45 wells planned for 2005 • MHR acquisition added 60 sections to Cimarex’s acreage position 12

Anadarko Basin Projects ü Western Oklahoma Des Moines/Red Fork – Depth 12, 000 -14, 000’; CWC $1. 7 -2. 2 MM ü Clinton Lake Atoka – E. Carpenter/Canute Area – Depth 15, 000 -16, 000’; CWC $2. 8 -3. 6 MM ü Shallow Clinton Lake – Red Moon Area – Depth 13, 000 -13, 500’; CWC $2. 2 -2. 4 MM ü Middle Atoka – Washita River Area – Depth 13, 800 -14, 200’; CWC $2. 4 -2. 6 MM Expected Reserves 1 -3 BCF per well; ROR’s 19 -40% 2005 Cap. Ex: $102 MM, 150 gross wells 13

Permian Basin SE New Mexico Permian West Texas 14

Permian Basin Stratigraphic Column 15

Southeast New Mexico Projects Chavez – Focus is on Strawn, Atoka and Morrow formations Cimarex Magnum Hunter Star / Denton High Lonesome Buffalo Valley Eddy – Depths in the 11, 500’ to 13, 750’ range Kemnitz Burton Flats Happy Valley Wagon Wheel Indian Draw Malaga S. Carlsbad & White City 16 Lea – Typical reserves: 1 -3 Bcfe per well

West Texas Projects Arbol de Nada / Mash / Goldsmith Fields Winkler/Ector Co. White & Baker/Nut Ranch/Yucca Butte areas Pecos Co. – Focus is on Ellenberger, Wolfcamp, and Devonian formations Suntura Field Terry Co. – Depths range from 2, 500’ to 14, 000’ – Utilize vertical and horizontal drilling Will O Field Val Verde Co. 17 – Typical per well reserve: 0. 2 -5 Bcf or 50 -500 MBO

Gulf of Mexico Shallow Water Gulf of Mexico • 260 total blocks • 55 with proved reserves • WI range from 12. 5100% 18

Gulf Coast Projects Mississippi Salt Dome Camerina/Miog Trend yp Planulina Miocene Trends Yegua/Coo k Mtn. South Texas Vicksburg/Fr io W. Gueydan Field Hackberr y Trend 19

Yegua/Cook Mountain – Liberty County Hardin • 670 sq mi of 3 D seismic data • Reprocessed 3 D into one dataset, leading to expanded 2005 inventory Liberty Trinity Jefferson Raywood • 2004: – 14 gross wells / 6. 4 net Chambers Harris New Location – 10 of 14 successful Dry Hole – $25 MM of capital • Aggressive 2005 program – 19 wells; $36 MM Gas Well/Discovery 20

Mississippi Multi-Dome 3 -D Reprocessing • Covington and Jones counties Dont Dome • A “new look” with curved-ray pre-stack time migration Centerville Dome Kola Dome Eminence Dome • Recent wells on Centerville and Dont Domes; Hosston interval Moselle Dome • Ellzy 2 producing 300 Bopd • Speed 2 tested 350 Bopd 21 • Eight more wells

Investment Considerations • Well-balanced, diversified operations – Mid-Continent, Permian, Gulf Coast and Gulf of Mexico • Attractive asset base of proved reserves – 81% proved developed (pro forma) – 67% natural gas – 70% operated • Track record of consistent profitable growth – Proven technical expertise – 10 -year production CAGR of 38% – Financially conservative • Magnum Hunter acquisition…better not just bigger – New low-moderate risk core area in the Permian Basin – Measured entrée into the Gulf of Mexico – Expanded drilling inventory 22

Contact Information Paul Korus Vice President and CFO Mark Burford Director of Capital Markets Cimarex Energy Co. 1700 Lincoln Street, Suite 1800 Denver, CO 80203 Phone (303) 295 -3995 Fax (303) 285 -9299 www. cimarex. com 23

IPAA Oil & Gas Investment Symposium London July 7, 2005